DISCLAIMER This presentation by DOF ASA designed to provide a high - - PowerPoint PPT Presentation

disclaimer
SMART_READER_LITE
LIVE PREVIEW

DISCLAIMER This presentation by DOF ASA designed to provide a high - - PowerPoint PPT Presentation

DOF ASA - Pareto Oil & Offshore Conference 2008 DOF ASA Q2 2008 Presentation - 1 CEO Mons Aase DISCLAIMER This presentation by DOF ASA designed to provide a high level ov erview of aspects of the operations of the DOF ASA Group. The


slide-1
SLIDE 1

DOF ASA Q2 2008 Presentation - 1

DOF ASA - Pareto Oil & Offshore Conference 2008

CEO Mons Aase

slide-2
SLIDE 2

DOF ASA Q2 2008 Presentation - 2

DISCLAIMER

This presentation by DOF ASA designed to provide a high level overview of aspects of the operations of the DOF ASA Group. The material set out in the presentation is current as at 25 August, 2008. This presentation contains forward-looking statements relating to operations of the DOF ASA Group that are based on management s own current expectations, estimates and projections about matters relevant to DOF ASA s future financial performance. Words such as likely , aims , looking forward , potential , anticipates , expects , predicts , plans , targets , believes and estimates and similar expressions are intended to identify forward-looking statements. References in the presentation to assumptions, estimates and outcomes and forward-looking statements about assumptions, estimates and outcomes, which are based on internal business data and external sources, are uncertain given the nature of the industry, business risks, and other factors. Also, they may be affected by internal and external factors that may have a material effect on future business performance and results. No assurance or guarantee is, or should be taken to be, given in relation to the future business performance or results of the DOF ASA Group or the likelihood that the assumptions, estimates or outcomes will be achieved. While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided for information only. DOF ASA , its officers and management exclude and disclaim any liability in respect of anything done in reliance on the presentation. All forward-looking statements made in this presentation are based on information presently available to management and DOF ASA assumes no obligation to update any forward looking- statements. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation of any offer to buy any securities or otherwise engage in any investment activity. You should make your own enquiries and take your own advice (including financial and legal advice) before making an investment in the company's shares or in making a decision to hold or sell your shares.

slide-3
SLIDE 3

DOF ASA Q2 2008 Presentation - 3

Agenda

Status DOFSUB Highlights Overview Q2 Financial

slide-4
SLIDE 4

DOF ASA Q2 2008 Presentation - 4

The acquisition of DOF Subsea by DOF ASA and First Reserve Corp.

On 10 July 2008, DOF announced its intention to acquire all the

  • utstanding shares of DOF Subsea ASA together with First Reserve

Corporation ( FRC ) and to enter into certain subsequent transactions The intention to proceed with the offer was conditional upon, among

  • ther things, the satisfactory completion of a due diligence and the

execution of final agreements FRC has substantially completed the due diligence process without any material findings and expressed interest to pursue the contemplated transactions It is now clear that the transaction will not be going forward at a price of 45 NOK per share. Discussions between DOF ASA and FRC are continuing.

slide-5
SLIDE 5

DOF ASA Q2 2008 Presentation - 5

3,343 3,249 3,035 EBITDA 45% 45% 46% Margin 7,406 7,145 6,645 Revenue 2013 2012 2011

NOK million

Financial projections with asset base according to the deal structure with FRC

Current DOF Subsea fleet and organization, including newbuilding program TEBMA vessels included Installer fleet included

Figures reflect operation after all newbuilds have been delivered, i.e. no investments contemplated in addition to the FRC deal structure

slide-6
SLIDE 6

DOF ASA Q2 2008 Presentation - 6

VS 485 MPSV to be built at Tebma Shipyard in India Skandi Navica sold DeepOcean shares sold Skandi Giant 1 year firm and 1 year optional in Brazil Skandi Falcon 2 years and option for 6 months in India Intention to acquire DOF Subsea ASA 3 AHTS vessels to be built at Aker Yards, Brazil, 2 x AH12 and 1 x AH 05 design Skandi Admiral on new rate from mid August up with approx 150,000 NOK/day

slide-7
SLIDE 7

DOF ASA Q2 2008 Presentation - 7

Modern fleet 17 AHTS s 25 PSV s 1 CSV 4 state of the art installation AHTS vessels

DOF Supply 100% DOF Supply DOF Supply 100% 100%

Modern fleet & Equipment 23 CSV/ROV vessels 35 ROV s + 1 AUV Leading Subsea Contractor

DOF ASA DOF ASA DOF ASA DOF Subsea ASA 57.5% DOF Subsea ASA DOF Subsea ASA 57.5% 57.5% DOF Installer 50.5% DOF Installer DOF Installer 50.5% 50.5%

slide-8
SLIDE 8

DOF ASA Q2 2008 Presentation - 8

PSV AHTS ROV/OCSV/DSV/ Total fleet

  • No. of vessels

SEISMIC VESSELS

DOF ASA

20 4 1 25

NORSKAN OFFSHORE

4 7 11

DOF SUBSEA ASA

23 23

DOF INSTALLER ASA

4 4

AKER DOF SUPPLY

1 6 7

Total fleet

25 21 24 70

slide-9
SLIDE 9

DOF ASA Q2 2008 Presentation - 9

GEOGRAPHICAL FOCUS AREAS

Perth Rio de Janeiro Buenos Aires Singapore Houston

  • St. Johns

Aberdeen Bergen Cairo Brunei Macae Jakarta Manila Angola

  • St. Petersburg
slide-10
SLIDE 10

DOF ASA Q2 2008 Presentation - 10 NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010

SKANDI TBN 1 PSV Statoil 5 years DOF AUG 08 SKANDI TBN 2 PSV/ROV DOFSubsea 5 years DOF APR 09 SKANDI TBN 3 PSV/ROV Spot

  • DOF

AUG 09 SKANDI TBN (COCHIN) PSV/RSV Total UK 5 years DOF MAY 10 SKANDI TBN (Tebma) MPSV DOF MAY 10 SKANDI TBN (Aker LNG) PSV 06 StatoilHydro 5 years DOF Dec 10 SKANDI TBN (Aker AH05) AHTS DOF/Norskan end 10 SKANDI TBN (Aker AH12) AHTS DOF/Norskan medio 11 SKANDI TBN (Aker AH12) AHTS DOF/Norskan end 11

Vessels under construction

DOF Supply

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

slide-11
SLIDE 11

DOF ASA Q2 2008 Presentation - 11 NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010

SKANDI SALVADOR ROV/SURVEY Chevron Brazil 3 years GEO Brazil NOV 08 SKANDI SEVEN CONST Subsea7 5 years DOFCON SEP 08 SKANDI TBN 4 CONST Technip 5 years DOFCON Brazil JUN 09 SKANDI TBN 6 CONST Spot

  • DOFCON Brazil

JAN 10 SKANDI TBN 7 CONST Aker Oilfield 5 years DOFCON AUG 09 SKANDI TBN 8 CONST Aker Oilfield 5 years DOFCON MAY 09 SKANDI TBN 5 DSV Technip 8 years DOFCON/TECHNIP JUL 09 SKANDI SINGAPORE DSV Spot

  • DOF SUBSEA

JAN 10

DOF Subsea

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

Vessels under construction

slide-12
SLIDE 12

DOF ASA Q2 2008 Presentation - 12

Vessels under construction

NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 2011 2012

SKANDI TBN VIETNAM

AHTS

Aker DOF Supply

2010

SKANDI TBN VIETNAM

AHTS

Aker DOF Supply

2010

SKANDI TBN VIETNAM

AHTS

Aker DOF Supply

2011

SKANDI TBN VIETNAM

AHTS

Aker DOF Supply

2011

SKANDI TBN VIETNAM

AHTS

Aker DOF Supply

2012

SKANDI TBN VIETNAM

AHTS

Aker DOF Supply

2012

SKANDI TBN (COCHIN)

PSV/RSV

Aker DOF Supply

2010

Aker DOF Supply

NAME TYPE CHARTER PERIOD OWNER DELIVERY 2008 2009 2010 2011 2012 SKANDI Vega

AHTS StatoilHydro 5 years DOF Installer DEC 2009

SKANDI TBN

AHTS DOF Installer 2010

SKANDI TBN

AHTS DOF Installer 2010

SKANDI TBN

AHTS DOF Installer 2011

DOF Installer

FIRM CONTRACTS UNDER CONSTRUCTION OPTIONAL PERIOD

slide-13
SLIDE 13

DOF ASA Q2 2008 Presentation - 13

DOF orders 3 new AHTS vessels in Brazil

2 x Aker AH 12 1 x Aker AH 05 Price is confidential Tailor-made for Petrobras Petrobras presently on tender for 24 vessels to be built in Brazil Options for 2 additional vessels (AH12) to be declared after Petrobras award.

slide-14
SLIDE 14

DOF ASA Q2 2008 Presentation - 14

Type: Aker AH 12 Main particulars Length overall:

  • approx. 95.0 m

Length btw. p.p.

  • approx. 84.8 m

Breadth moulded: approx 24.0 m Bollard pull:

  • approx. 300 t

Yard: Aker Promar Delivery date 1st vessel: mid 2011 Delivery date 2nd vessel: end 2011 Options for 2 more for delivery in 2012

EPC contract Specifications

Aker AH 12

slide-15
SLIDE 15

DOF ASA Q2 2008 Presentation - 15

Type: Aker AH 05 Main particulars Length overall

  • approx. 74.3 m

Breadth mld

  • approx. 17.0 m

Bollard pull

  • approx. 150 ton

Yard: Aker Promar Delivery date 1st vessel: end 2010

EPC contract Specifications

Aker AH 05

slide-16
SLIDE 16

DOF ASA Q2 2008 Presentation - 16

15-18,000 BHP 18-20,000 BHP >20,000 BHP DOF ASA 2 1 1

Skandi Møgster Skandi Giant Skandi Admiral Skandi Stord

Norskan AS 2 3 2 (+2 opt.)

Norskan Copacabana Skandi Rio AH12 AH 05 Skandi Fluminence AH12 Norskan Botafogo AH12 (option) AH12 (option)

Aker DOF Supply AS 6 DOF Installer 4 10 4 7+2 Total AHTS : 21 + 2

DOF AHTS fleet

slide-17
SLIDE 17

DOF ASA Q2 2008 Presentation - 17

Type: Aker AH 04 CD Overall length / breadth: Approx 108m x 24m Deck-area: 1,000 m2 + moonpool + ROV hangar Winch: 500 tons (main winch) + 170 tons Offshore crane: 250 tons* Installed power: 36,000 BHP (hybrid) Bollard pull: >350 tons Accommodation: 90 people Yard: Aker Aukra Delivery date 1st vessel: December 2009 Delivery date 2nd vessel: May 2010 Delivery date 3rd vessel: Oct 2010 Delivery date 4th vessel: May 2011 Favourable prices compared to market Increasing demand

EPC contract Specifications

DOF Installer ASA

Vessel no 1: 5 + 3 years contract with StatoilHydro from delivery Dec 2009

slide-18
SLIDE 18

DOF ASA Q2 2008 Presentation - 18

Type: AHTS Overall length / breadth: Approx 75m x 17,4m Deadweight: 3, 000 tons Winch: 350 tons (main winch) Installed power: 16,000 BHP Bollard pull: >180 tons Speed: Max 14.5 knots Class: DnV +1A1, SF, E0, TUG, dk(+), HL (2.8), DYNPOS AUTR, T-MON, Clean Design Yard: Vong Tau Vietnam Delivery date 1st vessel: 2010 Delivery date 2nd vessel: 2010 Delivery date 3rd vessel: 2011 Delivery date 4th vessel: 2011 Delivery date 5th vessel: 2012 Delivery date 6th vessel: 2012 All-in cost per vessel: approx NOK 300 mill Option for six vessels to be declared end of 2008

Contract Specifications

slide-19
SLIDE 19

DOF ASA Q2 2008 Presentation - 19

STATUS

DOF GROUP IN BRAZIL

slide-20
SLIDE 20

DOF ASA Q2 2008 Presentation - 20

OPTIONAL PERIOD

ACTUAL CONTRACTS

PSV Area of Ops. Built Charterer

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

1 Norskan Flamengo Brazil 2003 Petrobras 2 Norskan Leblon Brazil 2005 Petrobras/Shell 3 Skandi Yare Brazil 2001 Petrobras Until 2016 4 Skandi Hav Brazil 1983 Petrobras Until 2015 AHTS 5 Norskan Copacabana Brazil 2005 Petrobras 6 Norskan Botafogo Brazil 2006 Petrobras 7 Skandi Rio Brazil 2007 Petrobras 8 Skandi Fluminence Brazil 2007 Petrobras 9 Skandi Giant Brazil 2003 British Gas 10 Skandi TBN (AH05) Brazil 2011 11 Skandi TBN (AH05) Brazil 2011 12 Skandi TBN (AH05) Brazil 2011 CSV 13 Skandi Salvador Brazil 2008 Chevron 14 PRO-23 Brazil 2009 Petrobras 15 PRO-24 Brazil 2009 16 Skandi Subsea Supporter Brazil 2010 Petrobras 2012 2008 2009 2010 2011

FIRM CONTRACTS UNDER CONSTRUCTION SPOT MARKET

slide-21
SLIDE 21

DOF ASA Q2 2008 Presentation - 21

EMPLOYEES

22 Base - Macaé 309 Vessels 414 TOTAL TOTAL 6 Building Team 60 DOF Subsea do Brasil 17 Office - Rio

slide-22
SLIDE 22

DOF ASA Q2 2008 Presentation - 22

Financial Highlights Q2 2008

Gain from sale of vessel Gain from sale of shares Changes in depreciations Variable revenue from spot-market High utilization subsea vessel Decrease in long-term debt Skandi Neptune transferred from DOF to DOF Subsea

slide-23
SLIDE 23

DOF ASA Q2 2008 Presentation - 23

Result Q2 2008

ALL FIGURES IN NOK THOUSANDS

Q 2 2008 Q 2 2007 30.06.2008 30.06.2007 Operating income 1 078 120 977 347 1 991 713 1 652 657 Total operating income 1 078 120 977 347 1 991 713 1 652 657 Operating expenses vessels 682 152 621 668 1 279 713 1 084 975 Bare-boat hire vessel 3 180 3 840 6 513 7 631 Total operating expenses 685 332 625 508 1 286 226 1 092 606 Operating profit before depreciation 392 788 351 839 705 487 560 051 Depreciation 111 462 120 174 222 426 233 729 Operating profit 281 326 231 665 483 061 326 322 Net profit from associated companies 119 511 673 137 365 41 929 Financial items

  • 13 208
  • 69 165
  • 182 724
  • 143 056

Unrealized profit/loss on currencies

  • 51 398

73 946 36 089 136 973 Net financial costs 54 905 5 454

  • 9 270

35 846 Pre-tax profit 336 231 237 119 473 791 362 168 Taxes 6 044

  • 35 797
  • 67 821
  • 39 267

Result 342 275 201 322 405 970 322 901 Minority Interest

  • 32 877
  • 78 716
  • 44 473
  • 91 882
slide-24
SLIDE 24

DOF ASA Q2 2008 Presentation - 24

P&L Supply Q2 2008

ALL FIGURES IN NOK THOUSANDS

DOF Supply DOF SUBSEA ASA TOTAL Revenue 433 988 1 078 120 Total Revenue 433 988 1 078 120 Operational costs 217 221 685 332

  • Total operational costs

217 221 685 332 EBITDA 216 767 392 788 Depreciations 51 055 111 462 EBIT 165 712 281 326 Result from ass comp. 120 261 119 511 Net financial income 50 169 78 823 Net financial costs

  • 7 329
  • 92 031

Unrealized loss/profit from currency

  • 78 398
  • 51 398

Net financial items 84 703 54 905 Proft before taxes 250 416 336 231 Taxes 15 125 6 044 Net Profit 265 541 342 275

slide-25
SLIDE 25

DOF ASA Q2 2008 Presentation - 25

Balance Q2 2008

ALL FIGURES IN NOK THOUSANDS

30.06.2008 31.12.2007 (NOK 1.000) Intangible assets 521 494 538 305 Fixed assets 11 407 201 11 880 609 Financial assets 487 863 1 410 298 Receivables 1 232 286 1 052 546 Vessel held for sale 173 000 Bank balance 1 341 732 1 859 974 Total assets 15 163 576 16 741 731 Subscribed equity 619 989 619 989 Retained earnings 2 567 942 2 448 410 Minority Interest 1 477 194 1 486 387 Provisions for commitment 542 965 635 838 Other long-term liabilities 8 187 181 9 927 458 Current liabilities 1 768 305 1 623 650 Total liabilities and equity 15 163 576 16 741 731

slide-26
SLIDE 26

DOF ASA Q2 2008 Presentation - 26

Key figures Q2 2008

Q2 2008 Q2 2007 Profit per share 4,14 2,43 Profit per share ex. minority interest 3,74 1,48 Cash flow per share 6,03 3,42 Ebitda margin 36 % 36 % Ebit margin 26 % 24 % Return on net capital 7 % 4 % Equity ratio 31 % 35 % Booked value per share 56 55 NAV value per share 88 82 Net interest-bearing debt 7 805 872 5 731 750 Net debt (ex capital unemployed) 5 718 632 3 692 019

slide-27
SLIDE 27

DOF ASA Q2 2008 Presentation - 27

Market

Very strong Subsea market Volatile North Sea Spot market, but strong long term supply market worldwide Skandi Møgster and Skandi Giant: average day rates in July and August is approx NOK 500.000

slide-28
SLIDE 28

DOF ASA Q2 2008 Presentation - 28

Concluding remarks

Strong market outlook Well positioned in Brazil and Asia World s largest deepwater fleet Aggressive global growth DOF Subsea just started